As Bitcoin hovers near a crucial resistance level, traders and investors alike are on edge, wondering what the next big move will be. After a strong rally that saw BTC break past key support, the cryptocurrency is now facing a make-or-break moment. Will it surge past $65K, confirming the bullish trend, or is a sharp pullback on the horizon? Here’s a closer look at what the charts are telling us and what might be next for Bitcoin.

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Based on the chart of Bitcoin (BTC) against Tether (USDT) on the 4-hour timeframe, the following analysis can be made:

$BTC Chart

Chart Analysis:

  1. Support and Resistance Levels:

    • Support: The chart shows a strong support zone around the $61,500 to $62,000 range. This area acted as a consolidation zone before the recent upward breakout.

    • Resistance: The resistance zone is around $64,200 to $64,800, where the price is currently testing.

  2. Trendline:

    • There is an upward trendline that has been supporting the price movement since early August. This trendline has been respected multiple times, indicating strong bullish momentum.

  3. Breakout:

    • The price recently broke above a key resistance zone around $62,000, which suggests a potential continuation of the bullish trend. However, the price is now encountering resistance near $64,200.

Prediction of the Next Move:

Given the current price action:

  • Scenario 1 - Bullish Continuation: If BTC breaks and closes above the $64,800 resistance level, it could signal a continuation of the uptrend, with potential targets around $66,000 and possibly higher.

  • Scenario 2 - Pullback: If the resistance holds, we might see a pullback towards the previous resistance turned support zone around $62,000. This could provide a buying opportunity for bulls to re-enter the market.

Conclusion:

The overall sentiment appears bullish, but a decisive break above $64,800 is needed to confirm the continuation of the uptrend. If the price fails to break this resistance, a short-term pullback to retest the support around $62,000 is likely. Traders should watch these key levels closely for confirmation before making any trading decisions.



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